The BoE warned that credit card debt, personal loans and motor finance grew much faster than household incomes
HOME buyers are facing tougher borrowing rules when they apply for a mortgage, as the Bank of England raises fears of a debt boom.
The BoE today said it will tighten affordability tests for mortgage lending.
This means banks will have to make sure their customers can meet repayments in the event that interest rates increase to around 7 per cent, or the typical Standard Variable Rates (SVR) of about 3 per ce…
Read the full article at: https://www.thesun.co.uk/money/3896102/bank-england-banks-financial-stability-report-debt-consumer-credit-mortgages/
